Be that as it may, it is estimated that a total of 55 million families in America will be active users of online banking by the year 2010.
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Despite the fact that many American banks still do not offer this facility to customers, this may turn out to be an accurate prediction. The number of online banking customers has been increasing at an exponential rate. Initially, the main attraction was the elimination of tiresome bureaucratic red tape in registering for an account, and the endless paperwork involved in regular banking.
The speed with which this process happens online, as well as the other services possible by these means, has translated into a literal boom in the banking industry over the last five years. Nor are there any signs of the boom letting up – in historical terms, online banking has just begun.
The last decade has seen a profuse growth in internet banking transactions. Several pieces of legislation have also been introduced in this area. Since its inception, online banking has been federally governed by the Electronic Funds Transfer Act of 1978. Though it began in the 1980s, it was only in the mid nineties that internet banking really caught on.
What attracts customers to internet banking is the round the clock availability and ease of transactions.
Studies estimate that internet banking still has a long way to go. There are several banks that have customers who prefer banking in the traditional ways. Statistics released by the FDIC show that only 40% of the banks in the U. S. offer internet banking facilities worth mentioning. All the others may have an online presence but do not have enough online transactions to justify their presence on the internet.
Some customers have been known to turn to internet banking due to dissatisfaction with standard procedures and practices.
The total absence of human interaction appeals to some people. Some customers turn to internet banking facilities for security reasons. This is mainly because of customers being assured of banks’ ability to keep transactions safe and secured.
2. 3. General Statistics (http://www. africanews. com/site/Standard_Bank_takes_online_banking_into_Africa/list_messages/10689) Taking case example of Standard Chartered bank in Africa, it has currently established Internet Banking in Namibia, Mozambique, Lesotho, Swaziland and Botswana, following excellent penetration of its online banking offering in South Africa.